Mumbai based startup JustRide, a car rental marketplace that allows people to lease out their personal vehicles, has secured $3 million in a bridge round from Susa Ventures, Kima Ventures, Axan Ventures, SCM Holdings, IT-Farm, Y Combinator partners Justin Kan, Qasar Younis and Paul Bucche.
How does JustRide use these fresh funds?
JustRide will use the funds for JustConnect, the car sharing platform, part of the funds for Yabber, an IoT device for driving skills analysis and scale its fleet to 2,000 cars from the current 300.
What is #JustConnect?
JustConnect helps car owners earn a rent by leasing out their vehicles. It integrates the connected car technology with micro leasing of vehicles to build a collaboratively shared fleet of cars.
What Challenge is JustRide addressing? (CEO Answer below)
"A vast majority in India do not have access to personal transport, presenting an extensive market for car rentals. The challenge is to build a sustainable car-sharing model to cater to the average urban commuters, while keeping in mind the interests of the car owners, who have a depreciating asset that is their car and does not get any return on it," said Ashwarya Singh, chief executive officer and co-founder, JustRide.
JustRide Business StatsJustRide has an annual GMV of $3.5 million and net revenues of $1.5 million as of now.
How much can a Car owner earn through JustRide?
By leasing their idle car, an average Indian, can earn $500 each month.
Business Model- JustRide
JustRide charges a refundable deposit of Rs 1000 for confirming the user’s booking and charges Rs 9-15 per km on excess kms driven on a limited kms package, depending on the booked car.
Seed Fund - $50,000
Angel Round - Undisclosed
Pre-Series A - raised $400,000
Bridge Round - rasied $3 million (Nov 7, 2016)
MarketSize - Indian Car Sharing market
Indian car-sharing market is poised to grow 15% every year till 2018
Other Players in Car Share Market
#JustRide #ZoomCar #JustConnect #Yabber #Funding #Startup #CarRental ##Marketplace